[专业英语]2008财务成本管理英语加试题答案 [复制链接]

六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） 6, ~aV  
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. ~.tu#Y?  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: E ..[F<5  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. 1Btf)y'  
B. It continues the 2007 dividend payout ratio. X_2I4Jz]6  
C. It uses a residual policy with all distributions in the form of dividends. &*~ WK  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). =r8(9:F!  
un=)k;oh  
Joj
8'  
g?wogCs5  
答案在楼下

Answer: TvR2lP  
Lb/_ULo6-V  
A: long-run growth rate 2UquN0  
3*(1+10%) =3.3 million $?YkgK  
wv$=0zF  
B: target payout ratio M?o`tWLhF  
Target payout ratio=3/15=20% &r_B \j3  
Dividend of 2008=18*2%=3.6 million 9S^-qQH3}  
l=yO]a\QZ  
C: residual dividend approach ?{'Q}%  
Retained earnings=total new investment*(1-debt ratio) $) $sApB  
                 =12*(1-40%) y;H 3g#  
                 =7.2 million <LE>WfmC  
Residual dividend=18-7.2=10.8 million bH&H\ Mx_k  
5+r#]^eQY-  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) CT : ac64  
Regular dividend=3*(1+10%) =3.3 million LO229`ARr|  
Extra dividend=residual dividend –regular dividend |V&k1{V  
              =10.8-3.3 %lxo?s@ GE  
              =7.5 million RK0IkRXQd  
@`yfft  
u/AN| y  
2. N Company manufactures a kind of product used throughout the machinery industry. The standard price of the materials for the products is $6 per kilogram; the standard quantity of materials allowed per unit is 1.5 kilograms. During July, 2,000 units of the products were finished, for which 3,200 kilograms of materials were used at a total direct material cost of $18.560. sC j3h  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. q b'ka+X  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. uIu0"pv`x  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). q0}LfXql8  
0=04:.%D  
Answer: x]:mc%4-Z  
Notes: S=Zjdbd  
Actual price=18560/3200=$5.8/unit LQe<mZ<  
Actual quantity materials per unit=3200/2000=1.6 kg/unit Y9u2:y!LdL  
R[z6 c)  
1).Standard quantity * standard price=standard total cost ^t*BWJxPC  
(1.5*2000)      *   6        =$18000 AjpQb~\  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials A -<qr6q  
（3200-3000）                *  6         =$1200 83h6>D b  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials I4$a#;  
3200         * (5.8 – 6)                    =$640 SE\`JGA[  
4)actual quantity *actual price =actual total cost v1:5r  
3200        * 5.8       =$18560 {5*5tCIt  
!tVV +vT#  
hOV+}P6  
A：Price variance of direct materials=（actual price-standard price）*actual quantity c{[d@jtO  
                             = (5.8-6)*3200 zr
,jaR;  
                             = $640  【F】 /{lls2ycW%  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. L6FUC6x"  
-Fb/GZt|  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price i9\Pks#l%  
                                  = (3200-3000)*6 kmf4ax h1  
                                  =$1200   【U】 Z^sO`C  
jE{z4en  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. :Q%&:[2  
kAqk~.  
xKxWtZ0  
C：Total variance of direct materials=actual costs- standard cost I++!F,pB  
                              =18560-18000 ,}NG@JID  
                              =560  【U】